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Demand in documentary form
A demand guarantee or standby letter of credit is documentary in nature. This is reflected in all the ICC rules which may be applied to demand guarantees or standby letters of credit.
- The bank is concerned only with examining the documents which are presented to it.
- The demand will be in documentary form, but the instrument may also require that the beneficiary presents certain stipulated documents in addition to a written demand. Provided the beneficiary presents all such documents with the demand prior to the designated expiry of the instrument, and provided all other terms and conditions of the instrument are met, the beneficiary is entitled to be paid by the bank.
- The bank to which the documents are presented will check the documents carefully against the terms of the demand guarantee or standby letter of credit. The precise basis for the check will be determined according to the applicable rules and international practice.
- The beneficiary must ensure that the demand and the accompanying documents meet the requirements of the demand guarantee or standby letter of credit. If the bank determines that the presentation does not comply with the requirements of the instrument, the bank will be entitled to reject the presentation.
- The bank is not permitted to limit the amount payable under the guarantee to that of the actual loss of the beneficiary. The bank’s duty is to examine the beneficiary’s demand and determine whether it conforms on its face to the terms of the guarantee. Once it has made such a determination, the bank must pay without delay the amount claimed under the instrument.
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